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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Towngas China Company Limited    1083   KYG8972T1067

TOWNGAS CHINA COMPANY LIMITED

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CK Infrastructure, Power Assets expect reduction in first-half profit on UK re-measured tax rate

05/06/2020 | 10:43pm EST

CK Infrastructure Holdings and unit Power Assets Holdings said the firms expect a material reduction in their first-half net profit compared to a year ago, due to the re-measurement of the deferred tax balances in the U.K.

The companies, said in separate filings on Wednesday that there will a one-off impact of HK$1.4 billion ($180.61 million)and HK$800 million, respectively, had the U.K corporation tax rate remained at 19%, instead of reducing to 17% from 1 April as previously enacted.

Both firms are subsidiaries of CK Hutchison which was founded by retired billionaire Li Ka-shing.

The parent company, which holds around 72% in CK Infrastructure, said it does not expect a material impact on its financial results however, because the charge is expected to be substantially offset by one-off deferred net tax gain of a similar amount arising from its other operations in the U.K.

CK Infrastructure and Power Assets opened 2.7% and 1.5% lower on Thursday.

(Reporting by Clare Jim; Editing by Shri Navaratnam)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CK HUTCHISON HOLDINGS LIMITED -0.77% 57.75 End-of-day quote.6.75%
CK INFRASTRUCTURE HOLDINGS LIMITED 0.47% 43.05 End-of-day quote.3.36%
LETS HOLDINGS GROUP CO., LTD. -1.06% 7.45 End-of-day quote.-4.24%
LOOK HOLDINGS INCORPORATED -0.11% 913 End-of-day quote.-4.60%
POWER ASSETS HOLDINGS LIMITED -0.48% 41.4 End-of-day quote.-1.43%
TOWNGAS CHINA COMPANY LIMITED -0.28% 3.58 End-of-day quote.2.29%
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Financials
Sales 2020 12 846 M 1 657 M 1 657 M
Net income 2020 1 395 M 180 M 180 M
Net Debt 2020 9 037 M 1 166 M 1 166 M
P/E ratio 2020 7,41x
Yield 2020 4,18%
Capitalization 10 629 M 1 371 M 1 371 M
EV / Sales 2020 1,53x
EV / Sales 2021 1,47x
Nbr of Employees 22 303
Free-Float 31,4%
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Technical analysis trends TOWNGAS CHINA COMPANY LIMITED
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 4,62 HKD
Last Close Price 3,58 HKD
Spread / Highest target 70,4%
Spread / Average Target 29,1%
Spread / Lowest Target -0,28%
EPS Revisions
Managers and Directors
NameTitle
Wai Yee Wong Chief Executive Officer & Executive Director
Wing Kin Chan Chairman
Wai Ngai Kee Chief Operating Officer & Executive Director
Hon Ming Ho Secretary & Executive Director
Yuk Choi Kwan Independent Non-Executive Director